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Bloomberg reported CAP SA (EPA:CAP) fell after announcing a 39 percent increase in the cost to develop an iron ore project.
Bloomberg reported CAP SA (EPA:CAP) fell after announcing a 39 percent increase in the cost to develop an iron ore project.
As quoted in the market news:
The company will invest $800 million to develop its Cerro Negro Norte iron ore mine, which will begin production activities in the fourth quarter of 2013, according to a statement posted Dec. 19 on its website and on Dec. 20 on the website of the local securities regulator. The company had initially announced the project would cost $574 million to develop and would begin operations in the first quarter of 2013.
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